Buying a home can be a stressful experience. Searching for the right house for you and your family can be enough to think about, let alone the lending process.
There are many resources for how to find a lender, what to look for, and how to fill our different information in paper and digital applications.
Here are a few blogs that could help you in the lending process:
- 5 steps to finding the best mortgage lender
- Shopping for Mortgage Rates
- What Should I Ask a Potential Mortgage Lender?
We live in an area with a growing real estate market with lots of lenders. Durango residents have lots of options! Our area also sees a lot of different kinds of buyers – first timers, vacation homers, retirees, second homers, relocators, and more.
In my experience, different parts of the lending process are more and less important depending on the buyer. First time home buyers need to know all the details of the process, their interest rate, and everything that will affect their monthly payments. Vacation and second home buyers are often looking at condos that limit the loan products they can qualify for.
Our market gives buyers the perfect opportunity to compare different local and non-local lenders and their various offers. Interest rates and loan programs are changing all the time so buyers have the opportunity to look at multiple options. There are many advantages of choosing a local lender as they are familiar with our inventory, homeowner associations, appraisers and experienced working with our local title companies; this can be a tremendous help and create a smooth experience.
Additionally, we live in a word of mouth town. The best marketing can’t be bought! Ask around our community for lenders suggestions that other home buyers have had good experiences with. Some of those experiences might be based more on the interpersonal relationships with a lender than their product, but all the same, you might find a lender you’re most comfortable with this way.
Lastly, it’s always important to look at what type of home you’re interested in and understand the type of loan options, HOA fees if there are any, and what those fees include and don’t include. Getting familiar with the process a head of time can help the home buyer plan for questions upon meeting with the lender. If home buyers have a little bit of knowledge up front and understand what home price they can afford, it should make their lending experience and home search that much easier!
If you’re thinking about lending with your upcoming home purchase, contact me for recommendations on the lenders I think will work best for you!